Gemini said it elected to increase its liquidity reserves owing to the market turmoil throughout the summer of 2022, following events such as the collapse of the TerraUSD stablecoin.
Gemini has responded to a New York Post article alleging that the Winklevoss twins withdrew $282 million from crypto lender Genesis last August.
"Everything the Post alleges in its story is the exact opposite," the company said."The $282 million that was withdrawn from Genesis in August 2022 was in fact Earn users’ money." Gemini said it elected to increase its liquidity reserves owing to the market turmoil throughout the summer of 2022, following events such as"As a result of our risk management, Earn users had $282 million less exposure to Genesis when Genesis halted redemptions on November 16, 2022," Gemini added.
Genesis, which is owned by Digital Currency Group , suspended customer withdrawals after the sudden collapse of crypto exchange FTX last November, thus freezing Gemini's Earn customers' assets. The firm
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